CBS Shares Nosedive as Board Debates CEO Les Moonves' Future

CBS Shares Nosedive as Board Debates CEO Les Moonves' Future

Following Monday's board meeting, CBS announced that it postponed the company's 2018 annual meeting of stockholders that was previously scheduled for August 10 until further notice.

Following the publication of the New Yorker story, some senior female CBS executives have expressed support for Moonves, including Jo Ann Ross, the company's president and chief advertising revenue officer, and Angelica McDaniel, an executive vice president of daytime programming.

Now it's Monday, and the board is tasked with figuring out how to approach that investigation during their normally scheduled meeting.

Shares of CBS fell almost 6 percent by midafternoon Monday following a New Yorker report on Friday detailing allegations made by six women of sexual misconduct by Moonves over more than two decades.

CBS said last week it would investigate the allegations and take appropriate action. "All allegations of personal misconduct are to be taken seriously", they said in a statement.

Moonves said in a statement that he has always abided by the principle that "no means no" and he denies ever misusing his position to harm anyone's career.

Earlier on Monday, USA Today prematurely tweeted that Moonves was suspended before quickly retracting the report. The stock has slipped more than 10% since news of the report surfaced. He has also been waging a battle for independence with mogul Shari Redstone, who wants to combine CBS with its sibling company Viacom.

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CBS shares plunged on news of the company's investigation.

On The Late Show With Stephen Colbert on Monday, Colbert found himself in a unusual position: addressing sexual misconduct allegations against his boss, Les Moonves.

According to Douglas' account, she was asked to meet Moonves in his office while she was working on a sitcom called "Queens", to be sure they were - as Farrow put it - "creatively aligned".

Moonves has headed CBS Corporation since 2016.

The statement from the board also did not address claims in The New Yorker about the culture at "60 Minutes" and its executive producer Jeff Fager.

Major sexual misconduct scandals have inundated the media industry in recent memory with former Fox News boss Roger Ailes, former NBC News star Matt Lauer, former CBS News star Charlie Rose and political pundit Mark Halperin among the high-profile media members who already have been accused of various forms of harassment.

In a statement to The New Yorker, Fager said, "It is wrong that our culture can be falsely defined by a few people with an axe to grind who are using an important movement as a weapon to get even, and not by the hundreds of women and men that have thrived, both personally and professionally, at '60 Minutes.'" Fager went on to call the accusations "false, anonymous, and do not hold up to editorial scrutiny".

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